Specialists in Complex Financial Restructuring

Why Licensing Matters

Fewer Licenses, Fewer Options for You and Your Credit

weblogo500More Licenses Mean More and Better Options for Your Credit and Your Financial Health

Firms may offer only one or two credit repair services, leaving their clients with limited options for help resulting in damage to their credit report. Certain licenses provide for credit repair firms to offer different services. If they aren’t licensed in a given service, they cannot legally provide it, and, therefore, clients have limited debt resolution options with that service provider.

nv_seal_color_500x500State-Issued Security

Most credit and debt licenses are issued by the state the services are provided in. State-issued licenses provide consumers protection when getting credit and debt services giving consumers regulators to turn to for recourse or protection in the event something goes wrong.

National Firms Not State-Licensed

You may see national firms or software providers offering “credit repair” solutions, focused simply on removing items from your credit history or report. Removing items from your credit report is only one part of financial restructuring. See the Understanding Credit Repair diagram for a full list of debt settlement and restructuring services.

In addition to the limited services and limited results these firms may offer, you also have limited protections. Working with a state-licensed firm means you’re protected by your state’s laws, regulations, and governing institutions.

Only Fully Licensed Firm in the State

You may not recognize all the debt settlement options on this diagram as many firms only offer one or two of these options when there are many more available.

We’re able to provide all of these options. How? We’ve held and continue to hold more licenses to negotiate credit and debt than anyone in Nevada’s history. Each type of loss option or debt has a specific set of licenses associated with it, and not all credit repair or law firms have gone through the process to secure these. We’ve secured them all – and continue to have them on record as one of the first and only fully licensed firms in the state.

Learn more about Damian Falcone & Co.


What to Look For When Hiring a Credit Repair Professional

  • Licensed by a state institution
    • See our chart of licenses for which to look for
  • Legal team on staff
  • Financial expertise on staff
  • Accounting team
  • Number of licenses held and for what services
  • Services offered: Do they endorse bankruptcy and foreclosure as good options? What services do they advertise for the most?
  • Past results:
    • What deals have they negotiated for clients?
    • What type of settlements or services are they for?
    • Do they match up with their licenses and what they advertise for?
    • Are they good options for your credit report?

Competition and Licensing Distinctions

Licenses, Competition, and some Credit Services Background Information

Credit Service Organization License (now called Credit Service Organization Registration) for Credit Repair identifies an ability to bill for a dispute letter written to a credit reporting agency. The largest service provider for more than a decade has been an online service that downloads credit reports and send disputes that are auto-populated without any contact with a creditor. The service is generating a document and not providing representation or creditor intervention since it is illegal to contact creditors with this “registration.”

We have other licenses which enable us to provide representation and creditor intervention.


Covered Service Provider License for negotiating mortgage debt and bankruptcy counseling. It is illegal to charge for any “Covered Service” until a homeowner signs an agreement with the lender. Based on the amount of work, planning and paper involved this “service” is reduced to an auto-populated application typically sent through a fax machine resulting in a denial and sending someone to short sale or foreclosure and bankruptcy.

We have other licenses which enable us to provide representation and useful legally billable products and services.


Uniform Debt Management License for negotiating debts excluding mortgages. Most of these, like the previous two are national call center operations that clearly state they do not provide financial advice. They provide escrow services meaning they hold the clients money in an escrow account and charge fees to do that based off their own estimated amount of money owed at a future date to the creditor. In the event the client makes all their payments for commonly 3 to 5 years the escrow agent/debt management professional will deliver the anticipated discounted amounts (while clearly stating they are not responsible for delivering the payment). In the event the client does not make all their payments for the given time period the escrow agent/debt management professional has the ability to terminate the relationship and take their fees for breach of contract which unfortunately is typically the majority of results.

We provide and are responsible for representation and creditor intervention. We provide useful legally billable products and services including delivery of payments while remaining responsible for the delivery. The Covered Service Provider license has removed the ability for licensees to receive money or hold it in a bank account for delivery to a creditor. Although the license still provides for “delivery of payments to creditors.” This is an example of why it is imperative for credit and debt professionals to have multiple licenses and take responsibility of clients’ reinstatement needs.


Competition and Licensing Distinctions in Nevada

Additional Background on Nevada Regulations and Licenses 


The State of Nevada offers a license to negotiate residential mortgage liens, a separate license to negotiate non-mortgage liens, and a registration (formerly a license) to negotiate credit reports.

There are plenty of companies that offer 1 or 2 of our services and maintain 1 license or registration with the state. We have seen countless examples of:

  • clients being steered to the most beneficial service of the service provider in many cases damaging the client;
  • a service provider offering services without the state license or registration.


Hundreds of clients have saved millions with Damian Falcone & Co. in the state of Nevada alone.

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